Personal banking tips: What to do if your credit or debit card is stolen
Credit cards and debit cards offer great convenience and financial security. They make personal banking, shopping, paying bills and managing personal finances so much easier. But what happens if your cards are lost or stolen? What do you do if, when you check your online personal banking account or credit card statement, you discover charges that you did not authorize or purchases that you did not make?
If your credit or debit cards are lost or stolen, report the incident immediately to your personal banking professional so they can cancel the card.
Why it’s critical to report a lost or stolen card right away
If someone other than you has used your card to make purchases before you report it missing, you could be responsible for expenses of more than $50. If someone else uses your credit card account number to make purchases or other charges, you have no liability. In other words, you are not responsible for any of those charges.
Likewise, if your account number has been stolen or hacked, you have no responsibility to cover any card use that you did not authorize.
Personal banking recommendations for debit-card safety
If your debit card or PIN is lost or stolen, notify your personal banking institution immediately. As long as you do this within two business days of noticing the loss or theft, you will be responsible for no more than $50 or any unauthorized transactions.
If you take more than two business days to report the loss or theft, you might be responsible for up to $500 of any unauthorized transactions.
If you did not lose your card or PIN, but you still find unauthorized charges on your account statement, you have a maximum of 60 days after your personal banking institution sends your statement to report the charge. If you wait longer than 60 days, you might be liable for all charges.
Here are some additional guidelines you can use to protect yourself from fraud.
- Never lend your debit card or credit card to anyone, and never share your PIN. If you do, you might lose any protection because you have effectively authorized someone else to access your account.
- Never write down your PIN on your card, and don’t keep the number in your wallet or next to the card. To maintain the security of your accounts and cards, keep your PIN confidential and secure.
- When making credit card or debit card purchases online, buy only from organizations or websites you know and trust. Before entering your credit card or debit card information, look in the address bar of the website to ensure you see the phrase “https,” a lock symbol or both. These are signs the site is secure.
- If you plan to travel abroad, notify your personal banking branch and your card issuers before you leave. This will ensure you can make purchases on your trip. If you fail to notify them, banking personnel could put a hold on your account because of purchases that could otherwise appear fraudulent.
- Don’t believe any email or telephone call where the sender asks your to verify your account information. This is called “phishing,” and is intended to steal your account information. Our organization and other legitimate banking institutions will never email or phone you to ask for your account information. If you receive this kind of call or email, immediately call your card issuer.
- Check your account frequently using online or mobile banking sites. If you get paper statements, check them as soon as they arrive. Look for any transactions or charges that you do not recognize or did not authorize.
- If you think your credit card, debit card or account information has been stolen or hacked, contact your bank or card provider immediately. Cancel the card before there are any more charges made on it. You can contact our team’s fraud department at 1-800-889-5280. We use a text-based fraud verification system to double-check suspect purchases.
- Change your personal identification number (PIN). If a criminal has obtained your PIN, this will help ensure they are unsuccessful at extracting funds from your account.
- Follow up with your banking institution or card issuer with a written letter regarding any unauthorized activity. Keep a copy for your records.
- Contact one of the three nationwide credit-reporting companies. Ask them to put a fraud alert on your credit report.
Your banking institution has 10 business days to investigate unauthorized transactions. It generally will correct any errors or unauthorized transactions within one business day after confirming an error has been made.
If you have any concerns about the security of your accounts for personal banking in Mill Creek Utah at First Utah Bank, come to any branch and speak with one of our friendly, knowledgeable bankers. Remember: We’re here for you.